October 31, 2007

Damn Defunked Companies

30 days notice, that's it.

I use to work for Collins & Aikman and in case you don't know their story they are were an automotive supplier. They have gone belly-up, thanks in most part to a corrupt CEO (who is being brought up on charges).

I get a call yesterday from JP Morgan with a barely hearable number I had to call about my 401k through C&A.

I called them this morning and found out I have less than 30 days to make a decision as to where my 401k is going to be rolled to and get it done because C&A is terminating the 401k immediately.

So now I have to scramble to find a place to roll it to, enroll and get it transferred. That isn't a decision to make on the fly, but looks like I probably will be.

I was laid off from C&A in August 2003 and it wasn't pretty. Pissed doesn't begin to describe the mood that day and the plant manager hid in his office the entire day so he didn't have to face people.

Posted by Quality Weenie at October 31, 2007 11:55 AM | TrackBack

Well, crap. You can always move it later, right? The imperative now is to see it safe.

Frankly, so many companies have gone under and taken the employee's retirement funds with them that I'm amazed yours is still intact. Thank God!

Posted by: pam at October 31, 2007 12:59 PM

Yeah, I'm glad you didn't lose it completely. Good luck in your search.

Posted by: Mrs. Who at October 31, 2007 08:41 PM